The Ohio House of Representatives has introduced the Ohio Blockchain Basics Act, a bill designed to protect digital asset rights and prevent additional taxes on crypto payments.
The legislation safeguards key activities such as self-custody, mining, and staking while exempting certain cryptocurrency transactions from money transmission licensing requirements.
Introduced on February 24 by Representative Steve Demetriou and co-sponsored by lawmakers Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams, the bill seeks to establish a regulatory framework that supports the use of digital assets within the state.
A central provision of the bill prohibits state and local governments from imposing extra taxes, fees, or charges on digital assets used for payments, ensuring they receive the same treatment as traditional fiat transactions. However, crypto transactions would still be subject to standard taxes, including state and sales taxes, maintaining parity with conventional payment methods.
Beyond tax-related measures, the bill reinforces digital asset rights by ensuring individuals can use hardware or self-hosted wallets to self-custody their cryptocurrencies. It also protects the right to participate in crypto staking and mining without requiring a money transmission license, provided participants comply with local zoning regulations.
The bill promotes cryptocurrency adoption by prohibiting state agencies from restricting individuals from accepting digital assets as payment. It supports the legitimacy of cryptocurrencies in everyday transactions and allows residential crypto mining, provided it follows local ordinances. Additionally, it prevents selective zoning modifications that could disadvantage mining businesses in industrial zones, creating a fair regulatory environment for the industry.
Meanwhile, Georgia has introduced a second Bitcoin reserve bill, Senate Bill 228, which gives the state treasurer unrestricted authority to invest in Bitcoin. This bill, introduced shortly after SB 178, removes investment limits and establishes policies for Bitcoin transactions. Unlike SB 178, SB 228 is a more aggressive proposal supported by Republican lawmakers.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
